As expected, the UK Government has announced, in its January 2022 consultation response (“the Response”), that the promotion of cryptoassets to UK consumers is to be regulated. This represents a significant step towards...more
On 8 July 2021, the Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations) will come into force in the UK and introduce a new special administration regime for insolvent payment institutions...more
The Court of Appeal, in Lamesa Investments Ltd v Cynergy Bank Ltd [2020] EWCA Civ 281, has found that a party in an English law governed “Tier 2 Capital” subordinated facility agreement with contractual language addressing...more
Following the result of the UK’s referendum in 2016 on leaving the European Union, the Withdrawal Agreement negotiated between the United Kingdom and the European Union on 23 January 2020 finally received Royal Assent from...more
On 10 January 2020, updates to the UK anti-money laundering and counter-terrorist financing (together “AML”) laws come into force that bring the UK in line with international standards set by the Financial Action Task Force...more
In this issue of Structured Thoughts, we discuss:
..The SEC’s newly released margin rules for security-based swap dealers.
..U.K.’s Financial Conduct Authority consultation on its proposal to ban the sale, marketing, and...more
The United Kingdom’s Financial Conduct Authority (the “FCA”) recently published a Consultation Paper (CP19/3), titled “Guidance on Crypto-assets”. The Consultation Paper provides draft guidance as to which financial services...more
The UK’s House of Commons Treasury Committee (Committee) published a report (Report) on September 12, 2018, in relation to the current and future regulation in the UK of crypto-assets. The Report finishes by setting out the...more
Summary -
On 28 June 2018, the United Kingdom Prudential Regulation Authority (PRA) published a letter to the CEOs of banks, insurance companies and designated investment firms to communicate the PRA’s expectations...more
UK FINANCIAL CONDUCT AUTHORITY CALLS FOR INPUT ON PRIIPS -
On July 26, 2018, the Financial Conduct Authority (FCA) of the United Kingdom issued a Call for Input in relation to the Packaged Retail and Insurance-based...more
On 7 August, 2018, the UK’s Financial Conduct Authority (FCA) announced that it has, in collaboration with 11 other financial regulators and related organisations, including the Monetary Authority of Singapore and the Hong...more
2017 in the UK and the rest of Europe seems to have been primarily a year devoted to implementation – both of political decisions already made and of legislation that had already been enacted. On the political front, Brexit...more
2/5/2018
/ Bank Recovery and Resolution Directive (BRRD) ,
Blockchain ,
Capital Markets ,
EMIR ,
EU ,
Initial Coin Offering (ICOs) ,
MiFID II ,
MREL ,
Ring-Fencing ,
Shadow Banking ,
TLAC ,
UK ,
UK Brexit ,
Virtual Currency
The UK’s Financial Conduct Authority (“FCA”) published a “Dear CEO” letter on 28 February 2017 that requires urgent action from firms which operate a loan-based crowdfunding platform that facilitates loans to lending...more
Charting New and Dangerous Waters -
Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more
1/17/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Recovery and Resolution Directive (BRRD) ,
Banking Reform ,
Basel III ,
Capital Markets Union ,
Deposit Insurance ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Economic Area (EEA) ,
MiFID II ,
MREL ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prospectus ,
Ring-Fencing ,
Shadow Banking ,
TLAC ,
UCITS ,
UK ,
UK Brexit
Final TLAC Rules and Structured Products -
On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its final rules regarding long-term debt and total loss absorbing...more
12/27/2016
/ Depository Institutions ,
EU ,
EU Benchmark Regulation ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Banks ,
Global Systemically Important Banks (G-SIBs) ,
Holding Companies ,
IRS ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Popular ,
Regulatory Agenda ,
Section 871(m) ,
Structured Financial Products ,
TLAC ,
UK ,
UK Brexit
The United Kingdom has voted in a referendum by a narrow majority to leave the European Union (“Brexit”). The outcome of the referendum will have far-reaching consequences on financial markets and international capital...more
6/30/2016
/ Capital Raising ,
EFTA ,
EU ,
European Economic Area (EEA) ,
Financial Markets ,
Free Trade Agreements ,
Member State ,
Norwegian Model ,
Offerings ,
Prospectus ,
Referendums ,
Securities ,
UK ,
UK Brexit
2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more
2/5/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Recovery and Resolution Directive (BRRD) ,
Banking Reform ,
Benchmarks ,
Capital Markets Union ,
Corporate Counsel ,
CRD IV Directive ,
EMIR ,
EU ,
Financial Conduct Authority (FCA) ,
Global Systemically Important Financial Institutions (GSIFI) ,
Market Abuse ,
MiFID II ,
MREL ,
Prospectus ,
Ring-Fencing ,
Securitization ,
Senior Managers Insurers Regime (SMIR) ,
Shadow Banking ,
TLAC ,
UK ,
Young Lawyers
The Bank of England (“BoE”) recently published a consultation paper1 (“Consultation”), detailing its approach to setting a minimum requirement for own funds and eligible liabilities (“MREL”) to be maintained by UK banks and...more
OCIE Issues Risk Alert Relating to Structured Note Sales -
Earlier this year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) indicated branch offices and structured products as two of its...more
9/1/2015
/ Broker-Dealer ,
Compensation Standards ,
Derivatives ,
EDGAR ,
Endangered Species Act (ESA) ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Internal Communications ,
IRS ,
Loss Contingencies ,
NASD ,
OCIE ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Structured Finance ,
Training ,
UK ,
Underwriting
On 10 June 2015, the Bank of England (“BoE”), HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) published the final report on the “Fair and Effective Markets Review” which had been launched one year ago with the...more
On 26 May 2015, the Prudential Regulation Authority (“PRA”) of the UK issued a consultation paper entitled “Contractual stays in financial contracts governed by third-country law”, proposing a new restriction that would apply...more
In This Issue:
- Index Changes and Successor Indices: Avoiding Delisting From The NYSE Arca
- EU PRIIPS Regulation Expected to Come Into Force
- UK Review of the Fixed Income, Currency and Commodities...more
It has been three years since the Independent Commission on Banking (the “IBC”), chaired by Sir John Vickers, published its final report and recommendations on the reform of the UK banking system in response to lessons learnt...more
The UK’s Financial Conduct Authority, on 5 August 2014, announced the introduction of new temporary product intervention rules in relation to the retail distribution of contingent convertible instruments (CoCos).
The...more
The march towards structural reform of the EU banking sector has taken another step forward, as the EU Commission’s (the “Commission”) legislative proposals (the “Proposals”) for a Regulation implementing certain...more